54Purposes of the APRA Special Account

54 Purposes of the APRA Special Account (1) This section sets out the purposes of the APRA Special Account. (2) Amounts standing to the credit of the APRA Special Account may be debited for the following purposes: (a) in payment or discharge of the costs, expenses and other obligations incurred by APRA in the performance of its functions or the exercise of its powers; (b) in payment of any remuneration or allowances payable to persons appointed or engaged under this Act; (c) in making any other payments which APRA is authorised or required to make under this Act or any other law of the Commonwealth. Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts). (3) However, payments of the following kinds must not be debited from the APRA Special Account: (a) payments to meet entitlements described in section 54C (Purposes of the Financial Claims Scheme Special Account), and other payments referred to in that section; (b) collapsed insurer assistance payments within the meaning of section 54H (Purposes of the Collapsed Insurer Special Account); (c) payments described in subsection 318‑10(1) of the Private Health Insurance Act 2007 (Purpose of the Risk Equalisation Special Account). Note 1: APRA’s administrative costs associated with making a payment referred to in paragraph (a), (b) or (c) may be debited from the APRA Special Account. However, the payment itself can be debited only from the Special Account referred to in that paragraph. Note 2: In the case of APRA’s administrative costs associated with making a payment referred to in paragraph (b), such costs may alternatively be debited from the Collapsed Insurer Special Account (see paragraph 54H(1)(c)). (4) If a declaration under section 16AD of the Banking Act 1959 or section 62ZZC of the Insurance Act 1973 specifying an amount to be credited to the APRA Special Account is amended so as to reduce the amount, an amount equal to the reduction must be debited from the Account.